A 99 Year leasehold site located at Margaret Drive get the highest bid of $238.39 million from MCL Land, a famous Hongkong developer.
The site was made available on the Reserve list of the Government land sales for the second half of 2016. The size of 4,809.8 square meters can yield a maximum allowable gross floor area of approximately 22,195 square meters, which is equivalent to 238,9905 square feet that can be developed into 275 new homes.
This piece of new land site is just in between the Commonwealth MRT and also Queenstown station and close to Ayer Rajah Expressway. A wide range of shopping, dining and entertainment options at Queensway Shopping Centre, IKEA Alexandra and Alexandra Central, a hotel, and a retail development currently under construction.
Total Tender drew 14 bids from developers due to its attractive location and size.
Margaret Ville bid site translates into $997.85 per plot square feet per plot ratio. This new condo launch expected to be launched at above $1700 per square feet from early 2018 soon.
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